Redford's salary was $134,000 in 2019. What would his total combined FICA tax (Social Security & Medicare) withheld from his salary be for the year?

Question

Quizplus · Accepted Answer

FICA tax is 7.65% of the salary. Therefore, the total combined FICA tax withheld from Redford's salary for the year would be:

$134,000 x 7.65% = $10,249.10

However, there is a Social Security tax wage base limit of $132,900 for 2019. Redford's salary exceeds this limit, so the maximum Social Security tax he would pay is:

$132,900 x 6.2% = $8,239.80

The remaining amount would be Medicare tax:

$134,000 - $132,900 = $1,100
$1,100 x 1.45% = $15.95

Therefore, the total combined FICA tax withheld from Redford's salary for the year would be:

$8,239.80 + $15.95 = $8,255.75

However, it is important to note that this calculation assumes that Redford is not subject to any exemptions or deductions that would affect his FICA tax liability.

Redford's Salary Was $134,000 in 2019